The work aims to reduce cost of hydrogen production from electrolyzed water and facilitate the development of hydrogen economy by reducing hydrogen overpotential of electrodes and improving hydrogen evolution property. Ni-Co alloy electrodes were prepared in heterogeneous co-deposition method. Ni electrodes and Ni-Co alloy electrodes were characterized with scanning electron microscope (SEM) and electrochemical impedance spectroscopy (EIS). Effects of ratio of Ni/Co in electrodeposition liquid, electrodeposition potential and electrodeposition time on hydrogen evolution property were investigated based on cathodic polarization curve (LSV). SEM images showed that nickel particles and nickel-cobalt alloy particles with grain size of about 100 nm were present on surfaces of pure nickel electrodes and Ni-Co alloy electrodes. The result of electrochemical impedance spectroscopy (EIS) showed that electrical conductivity of Ni-Co alloy electrodes was superior to that of pure nickel electrodes. In addition, cathodic polarization curves indicated that hydrogen evolution potential of optimal Ni-Co alloy electrode was 55 mV lower than that of pure Ni electrode at the current density of 30 mA/cm2, a nearly 20% decrease compared to that of pure Ni electrodes. Preparation method of Ni-Co alloy electrodes is simple, convenient and fast. Moreover, the hydrogen evolution property of Ni-Co alloy electrodes is much better than that of Ni electrodes. The optimum technological conditions are: NiSO4?6H2O: 27 g/L, CoSO4?7H2O: 3 g/L, H3BO3: 10 g/L, Na2SO4: 10 g/L, citric acid 10 g/L, sodium alkyl sulfate: 1 g/L, pH=4.0, electrodeposition potential: ?1.3 V and electrodeposition time: 10 s.